INVESTING FOR THE FUTURE - TAV · 2016. 7. 28. · ANNUAL REPORT 2015 TAV AIRPORTS HOLDING ANNUAL REPORT 2015 INVESTING FOR THE FUTURE TAV AIRPORTS HOLDING Stock Ticker Symbol: TAVHL

TAV AIRPORTS HOLDING ANNUAL REPORT 2015

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INVESTING FOR THE FUTURE

TAV AIRPORTS HOLDINGStock Ticker Symbol: TAVHLDate of Istanbul Trade Registry: 07.11.1997Trade Registration & MERSIS No: 590256 / 0832-0062-0900-0011Phone: +90 212 463 3000 / 2122-2123-2124Fax: +90 212 465 3100Website: www.tavhavalimanlari.com.trAddress: Istanbul Ataturk Airport International Terminal (Gate A-Next to VIP) 34149 Yesilkoy, Istanbul

This report has been published using recycled paper and environment-friendly technologies.

TAV HAVALİMANLARI HOLDİNG 2015 FAALİYET RAPORU

CONTENTS

02 TAV Airports: Turkey’s Global Brand in Airport Operations 03 Airport Operations of TAV and ADP04 TAV’s Growth Strategy05 Istanbul Ataturk Airport International Terminal Extension Project08 Our Service Companies in 201514 Board of Directors’ Message16 CEO’s Message18 Concessions at a Glance

20 MAJOR DEVELOPMENTS IN 201520 Aviation Industry and TAV29 Financial Summary30 Investments in 201530 Awards & Achievements31 Highlights of 201534 Subsequent Events35 Investor Relations and BIST Performance

36 CORPORATE GOVERNANCE AND SUSTAINABILITY36 Sustainability38 Risk Management and Internal Audit40 Corporate Governance Principles Compliance Report52 Operating Principles of the Committees54 Ordinary General Assemblies56 Board of Directors62 Senior Management79 Financial Benefits Provided to the Members of the Board of Directors and Senior Management80 Amendment of the Articles of Association80 Dividends81 Subsidiary Report81 Auditor’s Report82 Auditor’s Report on Risk Assessment Committee and Risk Management82 Statement of Responsibility83 Statement of Independence

84 OPERATIONAL & FINANCIAL FIGURES84 Euro Based Financials84 Guidance and Actuals84 2015 Guidance84 Guidance for 201685 Operational and Financial Performance86 Airport Companies87 Service Companies87 TAV in Figures 89 Consolidated Financial Statements and Independent Audit Report170 Glossary

BOARD OF DIRECTORS’ MESSAGE 14

HIGHLIGHTS OF 2015 31

OPERATIONAL & FINANCIAL FIGURES 84

TAV’S GROWTH STRATEGY 04

WE HAVE COME TO THE END OF CAPACITY INCREASE INVESTMENTS FOR ISTANBUL ATATURK AIRPORT, WHICH WAS THE THIRD BUSIEST AIRPORT IN EUROPE IN 2015.

ADDITIONAL FACILITY BUILDING WITH A SERVICE CAPACITY OF 10 MILLION PASSENGERS PER YEAR IS NEAR COMPLETION.

TAV AIRPORTS HOLDING ANNUAL REPORT 2015 2

TAV Airports, Turkey’s global airport operator, manages Istanbul Ataturk, Ankara Esenboga, Izmir Adnan Menderes, Gazipasa Alanya and Milas Bodrum Airports in Turkey. Additionally, TAV Airports operates one airport in Kingdom of Saudi Arabia, two airports each in Macedonia, Tunisia and Georgia and Zagreb Airport in Croatia. The Company with its subsidiaries and affiliates also conducts business in related areas of airport operations including duty free, food & beverage services, ground handling services, information technologies, security, and operation services.

In addition, TAV Airports provides commercial services at Riga Airport in Latvia’s capital city. In 2015, TAV Airports served nearly 780 thousand flights and 102 million passengers. The Company’s shares are listed on Borsa Istanbul under the ticker code “TAVHL”.

There are no privileged shares in our Company. Mr. Hamdi Akin indirectly has 6.2% of our Company shares due to his shares in Akfen Holding.

TAV AIRPORTS OWNERSHIP STRUCTURE(1)

TAV AIRPORTS: TURKEY’S GLOBAL BRAND IN AIRPORT OPERATIONS

FREE-FLOAT (OTHER) 40.3%NON-FLOATING (OTHER) 3.5%

SERA YAPI ENDUSTRISI VE TICARET A.S.2.0%

AKFEN HOLDING A.S.8.1%

TEPE INSAAT SANAYI A.S.8.1%

*TANK OWA Alpha GmbH, a wholly owned subsidiary of Aéroports de Paris. (1) As of 31 December 2015.

AÉROPORTS DE PARIS GROUP* 38.0%

ADP’s Share

TAV’s Share

TAV Commercial Flights

TAV Operations

ADP Operations

ADP Passengers

TAV Passengers

MEXICO

İGA Lorem Ipsum Sunumu

TAV Airports, Turkey’s global airport operator, has operations in manycountries around the world.

JORDAN

Management Contract and Strategic Partner

Operator and Strategic Partner

Passengers

Amman Queen Alia A.

7.1 Million

9%

TURKEY

Concession Operator

Izmir Adnan Menderes A.

Ankara Esenboga A.

Gazipasa Alanya A.

Milas Bodrum A.

Istanbul Ataturk A.100%

Passengers

Commercial Flights

89.0 Million

638.2 Thousand

100%

100%

100%

100%

LATVIA

Riga A.* 100%

MEXICO

Passengers

Mexico North Central

17.1 Million

25.5%

Concession Operator

Passengers

Commercial Flights

2.6 Million

39.9 Thousand

Zagreb A.21%

CROATIA

Zagreb A.15%

FRANCE

Owner and Operator

Passengers

Paris Orly A.

Paris Charles de Gaulle A.

95.4 million

100%

100%

CHILE

*Only commercial areas

Tepe Insaat Sanayi A.S.

Aéroports de Paris Group*

Akfen Holding A.S.

Sera Yapi Endustrisi ve Ticaret A.S.

Free-float (Other)

Non-floating (Other)


Concession Operator

Passengers

Commercial Flights

1.4 Million

12.2 Thousand

Enfidha A.67%

TUNISIA

Monastir A.67%

Concession Operator

Passengers

Commercial Flights

5.8 Million

49.0 Thousand

Medinah A.33%

KINGDOM OF SAUDI ARABIA


Management Contract and Strategic Partner

Passengers

Jeddah A.

7.3 Million

Jeddah Hajj Terminal

Concession Operator

Passengers

Commercial Flights

1.6 Million

15.5 Thousand

Skopje A.100%

MACEDONIA

Ohrid A.100%

Concession Operator

Passengers

Commercial Flights

2.1 Million

25.1 Thousand

Batumi A.76%

GEORGIA

Tbilisi A.80%

REPUBLIC OF MAURITIUS

Operator and Strategic Partner

Passengers

Mauritius A.

3.2 Million

10%

GUINEA

Operator

Passengers

Conakry A.

0.3 Million

29%

NETHERLANDS

Industrial Cooperation

Passengers

Amsterdam Schiphol A.

58.3 Million

8%

BELGIUM

Strategic Partner

Cargo

Liège A.

0.6 Million

25.6%

REPUBLIC OF MAURITIUS


TURKEY

GUINEA

GEORGIA

JORDAN

TUNISIA

CROATIANETHERLANDS

FRANCE

LATVIA

İGA Lorem Ipsum Sunumu

AIRPORT OPERATIONS OF TAV AND ADP

CHILE

Santiago de Chile A.

Passengers

45%

17.2 Million

Concession Operator

MACEDONIA

BELGIUM

*Excluding Schiphol and Riga Airport passengers

7COUNTRIES

14AIRPORTS

102 Million PASSENGERS

TAV3CONTINENTS

15COUNTRIES

34AIRPORTS

252 Million PASSENGERS

TAV AND ADP4CONTINENTS


TAV’S GROWTH STRATEGY

ORGANIC GROWTHWe are on three continents, in seven countries, and at 14 airports. The number of passengers we serve increased 8% and reached 102 million in 2015. Our primary target in the upcoming period will be to maximize our revenue and profitability at all the airports where we operate.

INORGANIC GROWTHIn the next 15 years, USD 1 trillion in total investment is anticipated in the world aviation sector. With our strong partners and integrated business model, we plan to focus on new and profitable business opportunities all over the world in the coming period.

SERVICE COMPANY GROWTH OUTSIDE THE TAV ECOSYSTEM

Over the years, our service companies have significantly contributed to TAV’s success and started to provide services at airports not operated by TAV. We believe that the world aviation sector will soon meet with our star companies rising from Turkey in areas such as duty free, food & beverage service, ground services and information technologies.

With our strong partners and integrated business model, we plan to focus on new and profitable business opportunities all over the world in the coming period.

INERNATIONAL TERMINAL

287 Thousand m2

Additional Terminal

International Terminal

Domestic Terminal


+10 MILLION PASSENGERS

ADDITIONAL TERMINAL PROJECT

ISTANBUL ATATURK AIRPORT INTERNATIONAL TERMINAL EXTENSION PROJECT

Istanbul Ataturk Airport, the third busiest airport

in Europe in 2015, will be able to accommodate

more passengers with the international terminal

extension project.

DOMESTIC TERMINALTerminal Area

63 Thousand m2

COMPLEMENTARY TERMINALTerminal Area

27 Thousand m2 + 11 Thousand m2 Departing Passenger Terminal

ISTANBUL ATATURK AIRPORT PASSENGER TRAFFIC (MILLION PASSENGERS)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

21.3 23

.2 28.

6

29.8 32

.1 37.

4

45.1

51.3 5

6.7 6

1.3

ADDITIONAL PARKING POSITIONS• 26 additional parking positions and taxiways built in the area

previously used by the military. (November 2014) • Number of aircraft parking positions increased from 102 to 145,

up 42%. • Investments in aircraft parking stands and new taxiways were

financed by the State Airports Authority (DHMI).

Source: Ministry of Transportation of Turkey.

INVESTMENTS IN THE EXISTING INTERNATIONAL TERMINAL• Baggage handling system capacity increased. • Mezzanine floor on the land side moved to the air side to expand the air

side commercial and passenger area. • 32 additional check-in islands in addition to the existing 224 (May 2015)

EXTENSION PROJECTExisting cargo terminal was demolished and is being replaced with a passenger terminal totaling 27,000 square-meters; total number of passenger bridges will rise from 26 to 34. 13 new bus gates will enter into service. There will be new check-in islands and passport control zones in the additional facility of 11 thousand square meters.


Additional Arrival Bus Gates & Schengen Gates

Additional Bus Gates

34 AIRPORTS, 252* MILLION PASSENGERSTAV and Aéroports de Paris together constitute one of world’s largest airport operating platforms, achieving growth by complementing each other and providing services to 252 million passengers at 34 airports.

LONG-TERM OPERATING CONTRACTSTAV will continue to operate in: Tunisia until 2047, Zagreb until 2042, Medinah until 2037, Milas Bodrum until 2035, Gazipasa Alanya until 2034, Izmir until 2032, Macedonia until 2030, Georgia until 2027 and Ankara until 2023.

EXPERT IN AIRPORT DESIGNADPI is one of the largest airport design companies in the world.

STRONG GLOBAL PARTNERSAéroports de Paris’s acquisition of an equity stake in TAV Airports paved the way for both a technical and strategic partnership between the two airport operators.

27,000M2

8BRIDGES (FOR NARROW BODY AIRCRAFT)

1313 BUS GATES

TERMINAL EXTENSIONISTANBUL – INTERNATIONAL TERMINAL EXTENSION PROJECT

The acquisition of an equity stake in TAV Airports by Aéroports de Paris paved the way for both a technical and strategic partnership betwen the two airport operators.

Passenger Boarding Bridges

*Excluding Schiphol and Riga Airport passengers.


Outdoor Parking Lot

Indoor Parking Lot

New Departing Passenger Terminal

Additional Bridges

New Transfer Passenger Check Point

368 PARKING CAPACITY

CAR PARK DEPARTING PASSENGER TERMINAL

10,900M2

40CHECK-IN COUNTERS

8PASSPORT CHECKPOINTS


OUR SERVICE COMPANIES IN 2015

Service companies have contributed to TAV’s success and have started to provide services at airports not operated by TAV.

OUR STRATEGIC SUBSIDIARIES AND SHAREHOLDING RATIOS

TAV SECURITY100%

TAV ACADEMY100%

TAV OPERATION SERVICES100%

HAVAS EUROPE 100%

TAV IT100%

TGS 50%

HAVAS

100%

BTA67%

ATU50%

ATU

ATU undertook major projects during 2015, both in Turkey and abroad; most notably, it entered the US market by winning the Houston George Bush International Airport tender.

Major Developments in 2015:

• Won the tender for the Houston George Bush International Airport’s duty free operations.

• Oman Salalah International Airport operations commenced. • New duty free areas launched in Istanbul Ataturk Airport

International Terminal. • Assumed operation of Milas-Bodrum Airport’s duty free shops. • Retail stores at the Domestic Terminals of Izmir Adnan Menderes

and Milas-Bodrum Airports opened. • Renovation project of Izmir International Terminal outlets was

completed. • Store renovations began at the five airports in Tunisia after

winning the concessions in 2014. • Medinah International Airport started operations.

Please use this QR code to find detailed information on ATU’s operations or visit www.atu.com.tr

Target Regions:Leveraging its international competitive strength to target new tenders in many regions across the globe, ATU will continue to closely monitor new tender opportunities in the United States, Middle East and Africa in the period ahead.

TURKEYIstanbul

AnkaraIzmir

AlanyaBodrum

GEORGIATblisiBatumiKutaisi

USAHouston

LATVIARiga

MACEDONIASkopje

Ohrid

TUNISIACarthage MonastirEnfidhaDjerbaSfaxTabarkaTozaur

Locations served by ATU:

AIRPORTS• TURKEY: Istanbul Ataturk Airport, Ankara Esenboga Airport, Izmir Adnan Menderes

Airport, Gazipasa-Alanya Airport, Milas-Bodrum Airport• LATVIA: Riga International Airport• MACEDONIA: Skopje Alexander the Great Airport, Ohrid St. Paul the Apostle Airport• GEORGIA: Tbilisi International Airport, Batumi International Airport, Kutaisi

International Airport• TUNISIA: Tunisia-Carthage International Airport, Monastir Habib Bourguiba

International Airport, Enfidha Hammamet International Airport, Djerba Airport, Sfax Airport, Tabarka Airport, Tozaur-Nefta International Airport

• USA: Houston George Bush Intercontinental Airport• SAUDI ARABIA: Medinah Airport• UMMAN: Salalah Airport

KINGDOM OF SAUDI ARABIAMedinah

UMMANSalalah



• Havas Saudi began serving Pegasus Airlines. • Havas began providing warehousing service to Singapore Airlines. • Signed a Training Cooperation agreement with British Airways and

joined the Insignia Program as a Silver member. • Havas Europe began rendering services to SAS and Ukraine

International. • The IATA Ground Handling Council Conference was organized in

Istanbul under the sponsorship of Havas. • Ground handling and airport shuttle services launched at

Ordu-Giresun Airport. • Havas Saudi began to serve Tunisia Air. • Havas resumed passenger transport services in Ankara. • Havas Saudi started serving Airblue Limited. • Awarded Turkish Airlines tender for passenger transport services in

11 provinces in Turkey.

Target Regions:

• Russia and the Commonwealth of Independent States (CIS), the Arabian Peninsula, and Africa, which are home to fast-growing airports transitioning from monopolistic to competitive operation models are on top of the list of markets that Havas closely monitors.

HAVAS

Havas signed a Training Cooperation Agreement with British Airways in 2015, as yet more proof of the company’s world-class service standards.

Locations served by HAVAS (Domestic):

Locations served by HAVAS (International):

ISTANBUL Ataturk Airport, Sabiha Gokcen Airport

IZMIR Adnan Menderes Airport

KUTAHYA Zafer Airport

ANKARA Esenboga Airport

KASTAMONU Kastamonu Airport

SINOP Sinop Airport

SAMSUN Samsun Airport AMASYA

Merzifon Airport

KONYA Konya Airport

NEVSEHIR Nevsehir Airport

KAYSERI Kayseri Airport

SIVAS Sivas Airport

TRABZON Trabzon Airport

MALATYA Malatya Airport

GAZIANTEP Gaziantep Airport

SANLIURFA Sanliurfa GAP Airport

BATMAN Batman Airport

SIRNAK Sirnak Airport

ADIYAMAN Adiyaman Airport

ANTALYA Antalya Airport, Gazipasa-Alanya Airport

MUGLA Bodrum-Milas Airport, Dalaman Airport

ORDU-GIRESUN Ordu-Giresun Airport

ARTVIN Hopa Airport

AGRI Agri Airport

ELAZIG Elazig Airport

MUS Mus Airport

HATAY Hatay Airport

Please use this QR code to find detailed information on Havas’s operations or visit www.havas.net

LATVIARiga

GERMANYFrankfurt

Berlin Hamburg




Entering the urban market with the “Foods in the Woods” food-court at UNIQ, an Istanbul mall, BTA made a major stride toward its goal of accessing the city.

BTA


• BTA ventured into the commercial food distribution and logistics industry via Gida 360.

• Awarded the tender to operate the food & beverage locations at Carthage Airport, which serves the Tunisian capital.

• New food & beverage areas commenced service as part of the Istanbul Ataturk Airport International Terminal’s extension project.

• Awarded the tender for food & beverage service points as well as catering services for planes for both the current and new Zagreb Airport in Croatia.

• Entering the downtown/city center market, after operating in airports and ferry ports, with the Foods in the Woods concept store at UNIQ Istanbul, Turkey’s next generation culture & arts and lifestyle center, BTA made major strides toward its goal of reaching a broader segment of consumers.

• BTA was recognized as a “National Champion” in the category of “The Award for Customer Focus” at the European Business Awards, which was held for the ninth time this year.

• TAV Airport Hotel Izmir started to provide services at Izmir Adnan Menderes Airport.

• BTA started catering services at Riga Airport in Latvia and Omman Salalah Airport.

Target Regions:• Northern Europe, the Middle East and the transport sector provide

opportunities for BTA.

Locations served by BTA

TURKEYIstanbul

AnkaraIzmir

Alanya Bodrum

GEORGIATbilisiBatumiLATVIA

Riga

MACEDONIASkopje

TUNISIAMonastir Enfidha Carthage


SEA FERRIESISTANBUL, BURSA, BALIKESIR, YALOVA, IZMIT

BAKERY PRODUCTION FACILITYCAKES & BAKES - ISTANBUL

HOTEL MANAGEMENTTAV AIRPORT OTEL – ISTANBULTAV AIRPORT OTEL – IZMIR

CITY POINTSUNIQ ISTANBUL SHOPPING CENTERBP PETROL STATIONS IN FENERBAHCE AND BOSTANCI DISTRICTS OF ISTANBUL

SUPPLY AND DISTRIBUTIONGIDA 360 – ISTANBUL

Please use this QR code to find detailed information on BTA’s operations or visit www.bta.com.tr.

AIRPORTS• ISTANBUL: Ataturk Airport• ANKARA - Esenboga Airport• IZMIR - Adnan Menderes Airport• ANTALYA - Gazipasa-Alanya Airport• MUGLA – Milas-Bodrum Airport• GEORGIA – Tbilisi International Airport• GEORGIA – Batumi International Airport• TUNISIA - Monastir Airport• TUNISIA - Enfidha Hammamet Airport• TUNISIA – Carthage Airport• MACEDONIA – Skopje Alexander the Great Airport• KINGDOM OF SAUDI ARABIA – Medinah Airport• LATVIA – Riga Airport• UMMAN – Salalah Airport

UMMANSalalah


TAV IT

Target Regions:

• In addition to the growing Middle East market, TAV IT is monitoring and working on all potential business opportunities in the world regardless of location. Participating in tenders to deliver information technology services to new airports, TAV IT showcased its global competitive strength in 2016 by bidding at the Croatia tender in Europe and the Chile tender in South America.

Please use this QR code to find detailed information on TAV IT’s operations or visit www.tavit.aero

Thanks to its experience and know-how in the aviation industry and airport infrastructure systems, TAV IT is able to generate the best solutions spanning a diverse range of services, from analysis and design, to consultancy, support and maintenance.

Highlights of 2015:

• The number of airports served by TAV IT rose to 29 thanks to its extensive operations network spanning the world, from the Middle East and Southeast Asia to Europe and North Africa.

• Binnur Guleryuz Onaran, the CIO of TAV Airports Holding and TAV IT’s General Manager, was voted “Turkey’s Best CIO” at the IDC Turkey CIO Summit 2015, an industry-leading event that hosted international information technology professionals.

• TAV IT won the communication technologies tender held for the Abu Dhabi Airport Midfield Terminal Building, which will be the world’s largest terminal under one roof once completed.


Riga TUNISIAMonastir Enfidha

Locations served by TAV IT (International) Locations served by TAV IT (Domestic)


RiyadhDammam

Jeddah

THAILAND Phuket

UAE Abu Dhabi

INDONESIAJakarta

QATAR Doha

MACEDONIASkopje

Ohrid

AIRPORTS• GEORGIA: Tbilisi International, Batumi International • TUNISIA: Monastir, Enfidha Hammamet • MACEDONIA: Skopje Alexander The Great Airport, Ohrid • QATAR: Doha • UAE: Abu Dhabi • KINGDOM OF SAUDI ARABIA: Medinah, Riyadh, Dammam, Jeddah • THAILAND: Phuket

ISTANBULAtaturk Airport

KOCAELI Cengiz Topel Airport

ANKARAEsenboga A irport

ELAZIG Elazig Airport

VAN Van

Ferit Melen Airport

ERZINCAN Erzincan Airport


MUGLA Milas - Bodrum Airport

ANTALYA Gazipasa-AlanyaAirport

ADIYAMAN Adiyaman Airport

KAYSERI Kayseri Airport

GAZIANTEP Gaziantep Airport

KAHRAMANMARAS Kahramanmaras

Airport

BATMAN Batman Airport


TAV Operation Services continues to extend its high quality services to every corner of the globe, from Washington, DC in the United States to Nairobi Airport in Kenya. Major Developments in 2015:

• TAV Operation Services expanded its footprint to 30 passenger lounges at 17 airports in eight countries.

• The company was awarded the tenders to operate private passenger lounges in Washington, DC in the United States and at Nairobi Airport in Kenya. It is expected to serve 60,000 passengers annually at Nairobi Airport while the Washington, DC operations will serve some 125,000 passengers each year.

• Medinah Prince Mohammad bin Abdulaziz Airport’s private passenger lounge commenced operation in September and is expected to host 40,000 passengers annually.

• TAV Operation Services and Mudo Concept executed a joint project for the private passenger lounge at the Milas-Bodrum Airport Domestic Terminal, where the exclusive travel experience provided by TAV in the Bodrum “primeclass” Lounge was combined with Mudo Concept’s forward looking design.

• TAV Operation Services was awarded the tender to operate the passenger lounges at Riga Airport, the main gateway to Latvia. Operations at this airport are expected to serve 75,000 passengers each year.

• To keep pace with steadily growing passenger traffic, the “primeclass” private passenger lounge located in Ataturk Airport International Terminal’s departures floor was expanded to 690 square-meters.

• TAV Operation Services won the tender to operate the commercial areas at the Tunisian capital’s Carthage Airport for a four year period. As a result, the company now operates the commercial areas of three airports in Tunisia.

• The company assumed the operations of Leipzig International Airport in November, targeting 12,000 passengers annually.

• The private passenger lounge that launched on the Milas-Bodrum Airport Domestic Terminal’s departures floor is expected to host 25,000 passengers in 2016.

Commercial Developments Apart From Airport Operations

After opening the IDO Yenikapi “prime-class” Lounge, and taking over Ankara, Eskisehir and Konya TCDD Rails&Miles Lounges’ operations, the aim is to carry out commercial consulting projects in TCDD and IDO Terminals with the help of its know-how in commercial space renting and consulting services at the operated airports, and with high-quality services by continuing its collaborations.

Please use this QR code to find detailed information on TAV Operation Services’ operations or visit www.tavisletmehizmetleri.com.tr

Target Regions:• Germany and France, as well as the United States and the Middle East-

Africa region, top TAV Operation Services’ list of target geographies. The company is preparing to bid in private passenger lounge operation tenders for Cologne and Frankfurt Airports in Germany, New York JFK Airport in the US, and Paris Charles de Gaulle Airport in France.

TURKEYIstanbul

AnkaraIzmir

Eskisehir Konya

Milas Bodrum


Riga

GERMANYFrankfurtStuttgart

MunichLeipzig

MACEDONIAOhrid

Skopje

TUNISIAMonastir Enfidha

Locations served by TAV Operation Services:


KENYANairobi

USAWashington

AIRPORTS

• TURKEY: Istanbul Ataturk Airport, Ankara Esenboga Airport, Izmir Adnan Menderes Airport, Eskisehir Anadolu Airport, Konya Airport, Mugla Milas Bodrum Airport

• MACEDONIA: Ohrid St. Paul the Apostle Airport, Skopje Alexander the Great Airport• TUNISIA: Monastir Habib Bourguiba International Airport, Enfidha Hammamet

International Airport• GEORGIA: Tbilisi International Airport, Batumi International Airport• KINGDOM OF SAUDI ARABIA: Medinah Airport• GERMANY: Frankfurt Airport, Stuttgart Airport, Munich Airport, Leipzig Airport• KENYA: Nairobi Airport• LATVIA: Riga Airport• USA: Washington Airport

TAV OPERATION SERVICES




• TAV Academy conducted training sessions totaling 9,325 man-days in 2015, up significantly from 5,450 man-days in 2014.

• The Academy successfully passed the audits of ICAO, the arm of the United Nations that sets standards for the aviation industry. As a result, it was certified as an institution that designs and conducts training at ICAO standards.

• Presenting TAV’s training and development investments to ICAO associates in Ireland, TAV Academy was admitted as an ICAO Trainair Plus Associate with a ceremony held in India.

• Turkey’s Directorate General of Civil Aviation authorized TAV Academy to conduct Aviation Security training. As part of this effort, the company delivered aviation security training for 1,200 participants from both within and outside TAV group.

• The company conducted ground handling training for airports and aviation companies in Albania and Georgia.

• Under the new project that launched as a result of the success of the ongoing training efforts at Medinah Airport in Kingdom of Saudi Arabia, TAV Academy conducted 115 days of training for Saudi employees at Riyadh Airport.

• The company signed a commercial agreement with TAV Construction and began administering training as part of the construction projects in Abu Dhabi, Dubai, Jeddah, and Riyadh.

• The Learning and Development Platform of Turkey (TEGEP), the country’s leading trade association in corporate academies, recognized the development programs conducted by TAV Academy for Medinah Airport with an award in the category of “Training Program with the Largest Contribution to Company Results.”

• As a training center certified by Turkey’s Ministry of National Education (MEB), the company launched fire safety training programs that award MEB certificates.

• Some 11,300 hours of distance learning was administered to 5,400 participants as part of the TAV E-Academy development platform.

• The company held Airports & Airlines Strategy Training in London in collaboration with Aéroports de Paris, Incheon and Schiphol Airports, and Cranfield University.

• TAV Academy launched French language training in addition to the ongoing English and Arabic language training.

Please use this QR code to find detailed information on TAV Security’s operations or visit www.tavguvenlik.com

Please use this QR code to find detailed information on TAV Academy operations or visit www.tavakademi.com

Target Regions:• TAV Security’s target regions encompass the Middle East,

countries bordering Turkey, and North Africa.

Target Regions:• TAV Academy aims to offer TAV’s know-how in airport operations

to the entire globe in the form of training and consultancy solutions.

• Istanbul: Istanbul Ataturk Airport • Ankara: Esenboga Airport • Izmir: Adnan Menderes Airport • Antalya: Gazipasa Alanya Airport • Mugla: Milas-Bodrum Airport

AIRPORTS

TAV SECURITY

TAV ACADEMY

TAV Security directly provides security services at the facilities of five TAV airports in Turkey, while serving as a solution partner for the security of the airports operated by TAV abroad. In addition, The Company provides facility and aircraft security services.

In addition to being a corporate development center, TAV Academy is also the platform through which TAV Airports sells its aviation know-how to the world.

New locations added to the portfolio in 2015:

• TAV Tepe Akfen Yatirim Insaat ve Isletme A.S.• Hitit Trans Uluslararasi Nakliyat (Esenboga Airport)• Adnan Menderes Airport Domestic Terminal• Milas-Bodrum Airport International Terminal• BTA Logistics• Havas Adnan Menderes Airport Warehouse

Locations served by TAV Security:

ISTANBULAtaturk Airport

ANKARAEsenboga Airport


MUGLA Milas - Bodrum Airport

ANTALYA Gazipasa Alanya Airport


At the beginning of 2015, the world’s markets and business leaders were getting used to life without the Federal Reserve’s quantitative easing and preparing for the eventual tightening of its monetary policy. This has been a rather arduous, data dependent process, as clearly communicated by the Fed. Throughout the year, market participants closely watched for solid data demonstrating the alignment of both robust labor market conditions and hints of some inflationary pressures. While the overall labor market has evidently improved in the US, inflationary pressures seem to have gone missing in the equation. Against such a backdrop, it may be safe to assume that this policy tightening cycle will be unique in its lack of aggressiveness and time horizon length, although an uptick in America’s inflation rate is expansion in 2016 by most market watchers. A stronger economic expansion in the US in 2016 is also widely forecast, which should provide the rising tide that lifts all boats in the global economy higher. However, we may see slower growth in China in the coming year. Except for India and China, last year’s theme of advanced economies outperforming emerging markets should continue well into 2016.

The Turkish Lira has already been under significant pressure due to increased political risk premium in 2015 and interest rates have responded accordingly. Nevertheless, the weakened lira has had a significantly positive effect on the current account deficit, which may be supportive of the lira going forward as we seem to be nearing market clearing levels in Turkish lira based exchange rates. The uncertainties posed by a significantly extended election cycle also have taken a toll on consumer sentiment as reflected in lackluster economic growth in 2015. With a strong single party government in place, it will be relatively easier to improve the business sentiment going into 2016.

Also supportive of the Turkish macro balance will be lower oil prices, by both lowering input costs and decreasing demand for USD funding in Turkish Lira. Lower oil prices have already shown some positive effects in the aviation sector through relatively lower ticket prices. Although the consumer pass-through in this regard has been slow due to airline companies’ fuel price hedging schedules, this should change in 2016 as more and more hedge contracts entered into by airlines at higher prices expire.

We have amassed significant know-how, solid financial strength and best-in-class human resources to propel us into the future of airport management.

BOARD OF DIRECTORS’ MESSAGE

Dr. M. Sani SenerMember of the Board of Directors and President & CEO

Augustin de RomanetDeputy Chair

Hamdi AkinChair


In an upbeat global economic mood for 2016, we will continue to face two megatrends driving the worldwide demand for aviation: globalization and urbanization. With globalization, more people and more goods are connected across the world each day. Meanwhile, urbanization results in the creation of more and more megahubs and regional hubs as time passes. As these megatrends cannot be reversed, we have witnessed an aviation sector that continues to grow, despite all external shocks over the last 50 years. Our view is that these irreversible megatrends will inevitably spur growth in the aviation sector, despite all future shocks yet to come.

Suppliers and regulators in the aviation industry also share our enthusiasm on the future of aviation. While Boeing expects 4.9% CAGR for world air traffic over the next 20 years, Airbus’ projection is 4.6% CAGR for the same period. In the Turkish market, Eurocontrol forecasts 7% CAGR until 2020, with the State Airports Authority of Turkey projecting 9% CAGR until 2023. We see that the fleet extension plans of the two major Turkish carriers also well reflect these market expectations. Moreover, according to aircraft producers, the bulk of global growth in aviation will come from Asia-Pacific, Middle East and Africa, where we see many opportunities for TAV Airports.

Our aim is to continue capitalizing on these megatrends both through airport operations and auxiliary services. We have amassed significant know-how, solid financial strength and best-in-class human resources to help us in this endeavor. TAV Airports management teams are carefully evaluating and screening all airport operations and related auxiliary service opportunities across the world and enabling us to choose the right projects with the desired risk/reward profiles. Starting with 2014, we have defined the extension of our service companies outside of the TAV ecosystem as another source of growth and diversification. In pursuit of this objective, the Company has achieved tangible results within a very short time. Our main goal in the next several years

to come is to identify opportunities to deploy the cash that we are generating towards value enhancing projects and distribute the remainder to our shareholders.

Good governance and responsible social citizenship are an integral part of TAV Airports’ corporate culture. As such, we have continued to figure among the top few companies in corporate governance ratings in 2015. Effective usage of board committees as a governance tool was also instrumental in these ever-improving scores. In the 2015 review of the BIST Sustainability Index carried out by third party consultants, we kept our place in the prestigious index, undisputed evidence of the effectiveness of our efforts in making TAV Airports a more sustainable enterprise.

As TAV Airports continues to mature into a global brand, we would like to thank our shareholders for their invaluable support.


Since our establishment in 1997, we have been supported by two pillars of growth at TAV Airports. These have been the organic growth of our existing airports portfolio and the enlargement of this portfolio by addition of new airport operation assets. In this regard, 2014 was a strategically significant year because we added another key growth pillar to our existing strategy. We defined ‘inorganic growth of service companies’ as the third axis of growth in 2014 and deployed our service companies’ management teams to uncover value accretive potential opportunities across the world.

Since the definition of our third growth pillar we have achieved significant results across all our service platforms. Our duty free company, ATU, took over the duty free operations of Salalah Airport in Oman, Houston Airport in USA, Carthage and four other airports in Tunisia and the duty paid operations in Izmir and Bodrum Airports’ domestic terminals. BTA, our catering company has established a food logistics company and won the tender to operate the food and beverage areas in Muscat Airport, Omman and started operating the food court in Istanbul, at Maslak’s new shopping mall, Uniq. Havas Saudi started ground handling operations in Medinah. Operation Services started operating passenger lounges in Germany and Kenya for various airlines and in Turkey for Turkish Railways. TAV IT started providing IT solutions to Abu Dhabi Airport and TAV Academy became an ICAO certified training center, providing aviation know how to students across the world.

As a public-private-partnership, TAV Airports and the State Airports Authority (DHMI) each has its own respective area of responsibility in the management of Istanbul Ataturk Airport. While the terminal areas are within our jurisdiction, the runways and taxiways are the responsibility of DHMI. During the year, DHMI has finished a large scale investment project to increase the aircraft parking capacity of the airport. This capacity was presenting itself as a bottleneck to the future growth potential of Ataturk Airport as aircraft needed to wait in the air until a parking space could be found for them for after landing. This problem has been solved in two phases. In the initial phase, DHMI added 26 more parking spaces to the airport by end of 2014. By end of 2015, 17 new positions have been added, boosting the total parking capacity by 42% to 145.

CEO’S MESSAGE

We finished 2015 with 8% passenger growth, 10% revenue growth and 13% EBITDA growth. Thus, we have attained most of the guidance set at the beginning of the year for the third year in a row. We distributed a total of TRY306m in dividends as cash in 2015 in line with our 50% payout policy.

Dr. M. Sani SenerMember of the Board of Directors and President & CEO


In 2015, we started contributing to the capacity increase project by streamlining the traffic flow in the main international terminal and undertaking construction of an extension. We started by demolishing the old cargo terminal, and the construction of the new terminal extension in the place vacated by the cargo terminal is nearing an end as we speak. With this extension, we will add eight more bridges and 13 more busgates. Also additional duty free and catering areas and an increase in the carpark capacity of the airport will be available. The combined effect of the investments made in Ataturk Airport will be the addition of capacity for around 10 million more passengers per year.

We have also opened the mezzanine floor of Istanbul Ataturk Airport International Terminal to commercial use adding extra catering areas. This space will support the already crowded catering areas by offering a more upscale dining experience and boost BTA’s profitability. New duty free areas are also available through this renovation which should help duty free revenue.

In the second quarter of 2015, the Medinah Airport renovation project was completed and after trial runs, the opening ceremony was honored by his excellency King Salman of the Kingdom of Saudi Arabia. It was a pleasant surprise for us to celebrate both Ramadan and the opening of the new terminal together. We are very proud to serve the second holy city of Islam with an airport that’s truly at global standards.

It has been 15 years since we started operations at Istanbul Ataturk Airport and during this time we have added 13 more airports to our portfolio, which goes to show the dynamism of TAV Airports. The tradition of expanding our portfolio through the addition of new and profitable airport operations continues with Milas Bodrum Airport. In July 2014, we took over the operations of the domestic terminal in Milas Bodrum Airport. In October 2015, we took over the international terminal, as well. We are going to serve our country and our shareholders by developing Milas Bodrum Airport to its maximum potential in the years to come.

As Gazipasa Alanya airport continues its dazzling growth, during the year we undertook the necessary investments to increase the capacity of Gazipasa Alanya Airport.

As part of these investments, we extended the runway such that the present runway now crosses over a running motorway, the only one of its kind in Turkey. We have also received prequalification for the tender for five regional airports in Philippines. We are hoping to receive the results of this tender process in 2016.

We finished 2015 with 8% passenger growth, 10% revenue growth and 13% EBITDA growth. Net profit growth came in slightly below guidance, due to FX movements and the one off income we had recorded in the last quarter of 2014. Thus, we have attained most of the guidance set at the beginning of the year for the third year in a row. We had distributed a total of TRY 306 million in dividends as cash in 2015 in line with our 50% payout policy. For 2016, the Board of Directors has resolved to submit for shareholder approval, a dividend of TRY 348 million out of 2015 earnings at the General Assembly meeting, which corresponds to a payout of 50%. In the future, we are going to keep our track record of ‘smart growth’ strategy and continue to balance growth with dividends.

I believe what’s equally important is what we contribute to our country, employees and clients as a company. This year we paid around EUR 500 million to the state in the form of rent, taxes and social security. We paid EUR 200 million to our employees as wages. We invested EUR 88 million to increase passenger comfort and created employment opportunities for our youth. An enterprise must prioritize the benefits of the country, pay its employees fairly, contribute to their development through education and training and invest in the future to be considered truly successful. TAV’s main goal is to go after this kind of success. Thus, this year, as in previous years we have crowned our financial success with the social benefits we have created.

In 2016, we expect to see a 7 to 9% increase in revenue, 7 to 9% increase in EBITDAR and 10 to 12% net profit increase, under normal conditions.

The main risks to our guidance are: geopolitical risks, other unexpected events that may disrupt passenger traffic, exchange rate fluctutations and an adverse outcome from the trilateral negotiations in Tunisia. The future holds many opportunities for us in all our three pillars of growth. I would like to thank all our shareholders, business partners and employees for their trust in, and dedicated efforts for the TAV Airports brand.


CONCESSIONS AT A GLANCE

Airport Type/Expiry Date TAV Stake ScopePassenger Fee/

InternationalPassenger Fee/

DomesticVolume

GuaranteeConcession/

Lease Fee

Istanbul Ataturk Lease (Jan. 2021) 100% TerminalUS$ 15

€ 2.5 (Transfer) € 3 - $140m + VAT

Ankara Esenboga BOT (May 2023) 100% Terminal€ 15

€ 2.5 (Transfer) € 30.6m Dom., 0.75m Int'l

for 2007+%5 pea -

Izmir A. Menderes Lease (Dec. 2032) 100% Terminal€ 15

€ 2.5 (Transfer) € 3 No € 29m+VAT(1)

Gazipasa Alanya Lease (May 2034) 100% Airport € 8(2) TL 6(2) - $ 50,000+VAT(3)

Milas Bodrum Lease (Dec 2035) 100% Terminal € 15 € 3 - € 28.7m+VAT(4)

Tbilisi BOT (Feb. 2027) 80%(8) Airport US$ 6 - - -

Batumi BOT (Aug. 2027) 76% Airport US$ 12 US$ 7 - -

Monastir&EnfidhaBOT+Concession (May 2047) 67% Airport € 9 € 1 -

11-26% of revenues from 2010 to 2047

Skopje & OhridBOT+Concession (March 2030) 100% Airport

€ 17.5 in Skopje, € 16.2 in Ohrid - No

4% of the gross annual turnover(5)

MedinahBTO+Concession (2037) 33% Airport SAR 80(6) - - 54.5%(7)-

ZagrebBOT+Concession (April 2042) 15% Airport € 15 € 7 -

€ 2.0 - € 11.5m fixed 0.5% (2016)-61%

(2042) variable

(1) Accrual basis: Depreciation expense of € 13.5 million in 2015 to € 32.4 million in 2032 plus finance expense of € 17.8 million in 2015 to €0 million in 2032.(2) Gazipasa Alanya tariff increased on January 1, 2015.(3) TAV Gazipasa will make a yearly rent payment of US$ 50,000 + VAT plus 65% of net profit to DHMI.(4) A lump sum amount of EUR 143 million equivalent to 20% of the bid price for TAV Milas-Bodrum Airport was paid in August 2014. Milas-Bodrum International terminal was taken over as of 22nd of October 2015.(5) Royalty fee will be 15% of the annual gross turnover until the number of passengers using both airports reaches 1 million. When the number of passengers exceeds 1 million, this ratio will change between 2% - 4% depending on the number of passengers.(6) SAR 80 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years.(7) The concession charge will be reduced to 27.3% for the first two years that follow the completion of the construction.(8) In February 2015, shares, representing 4% of the Company were purchased for USD 5.2 million.


MAJOR DEVELOPMENTS IN 2015

AVIATION INDUSTRY AND TAV

Eurocontrol forecasts a 7% CAGR in passenger traffic until 2020 while the Turkish State Airports Authority (DHMI) expects CAGR of 9% until 2023 for the Turkish aviation market.

TOTAL NUMBER OF PASSENGERS IN TURKEY (MILLION)

2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E 2023E

44

52

59

66

73

80

8491

96

DOMESTIC

INTERNATIONAL

TOTAL

EXPECTEDE:

9%Turkish Aviation Sector continued its sustainable growth in 2015 and 9% growth was achieved by reaching 181 million passengers.

115

86

103

118

130

149

166

181192

204

226

350

4151

5865

7686

97 101107 110

180

170Source: DHMI


Boeing projects a CAGR of 4.9% in the global air traffic for the next 20 years, while Airbus is expecting 4.6% CAGR for the same period.

20062005200420032002 2007 2008 2009 2010 2011 2012 2013 2014 2015

TOTAL NUMBER OF PASSENGERS IN TURKEY (MILLION)

Compound Annual Growth Rate (CAGR) in Turkey between 2002 and 2015

14%

9

25

14

31

21

36

31

34

32

38

36

44

41

44

51

52

58

59

65

66

76

73

86

80

97

9

25

84

34 34

45

57

6570

7986

103

118

130

149

166

181

DOMESTIC

INTERNATIONAL

TOTAL

Source: DHMI


2015

57.6

MAJOR DEVELOPMENTS IN 2015 > AVIATION INDUSTRY AND TAV

TOTAL NUMBER OF PASSENGERS AT TAV AIRPORTS (MILLION)

The total number of passengers at TAV Airports in 2015 increased 8% to 102 million.

The number of domestic passengers at TAV Airports in 2015 increased 11% to 44.9 million.

The number of international passengers at TAV Airports in 2015 increased 6% to 57.6 million.

8%

11%

6%102.5

2010

29.3

47.6

2011

32.0

52.6

2012

40.9

71.7

2013

47.4

83.6

2014

40,4

54.6

94.9

18,320,6

30,8

36,2

44,9

DOMESTIC

INTERNATIONAL

TOTAL


The number of commercial flights in Turkey climbed to 1.2 million in 2015, with compound annual growth of 11% between 2002-2015.

20062005200420032002 2007 2008 2009 2010 2011 2012 2013 2014 2015

TURKEY TOTAL COMMERCIAL FLIGHTS (THOUSAND)

Compound Annual Growth Rate (CAGR) in Turkey (2002-2015)

11%

207

113

239

151

266

205

262

261

308

306

338

316

340

353

409

400

459

433

483

463

554

505

606

554

675

208

112

585

321 320

389

472

523

615653

693

809

892

947

1,059

1,160

1,255

DOMESTIC

INTERNATIONAL

TOTAL

Source: DHMI


TAV Airports total commercial flights increased 6% to 780 thousand in 2015.

TAV AIRPORTS TOTAL COMMERCIAL FLIGHTS (THOUSAND)

6%

2007 2008 2009 2010 2011 2012 2013 2014 2015

319

369 376

416

447

570

649

734

780

139140

139149

168

239

274

302

181

229237

267

279

331

375

433

320

459


DOMESTIC

INTERNATIONAL

TOTAL


Traffic Outlook

Turkish aviation is expected to double in volume in the next decade.

World air traffic will double in the next 20 years.• Boeing projects 4.9% CAGR for world air traffic

(2015-2034).• Airbus projects 5.2% CAGR for 2014-2024 and 4.0% CAGR

for 2024-2034.

*Source: Airbus Global Market Forecast 2015, Boeing Current Market Outlook 2015

Turkish air traffic will double in the next 10 years.• While Eurocontrol anticipates 7% CAGR for Turkey until

2020, the State Airports Authority (DHMI) estimates 9% CAGR until 2023.

*Source: Eurocontrol, DHMI

Aggressive fleet extension plans of major airlines in Turkey.• THY to double fleet to 402 by 2020• Pegasus to increase fleet to 100 by 2020

*Source: THY Presentation (January, 2016) Pegasus Presentation (November, 2015)

Ataturk Airport is expected to have 11% seat capacity increase for international flights in 2016.• Ataturk Airport is expected to have 11% seat capacity

increase for international flights in 2016 (In 2015, seat capacity increase for international flights was 11%).

*Source: ADI

Extension Project is nearly completed. • Terminal capacity will increase by extension of the

international terminal.• Number of aircraft parking positions increased from 102 to

145 (funded by DHMI).

*Source: DHMI, Ministry of Transportation

WORLD ANNUAL TRAFFIC (RPK TRILLION)

SHARE OF WORLD BY SOURCE (RPK)

16

Air traffic doubles every 15 years. This pattern is projected

to continue over the next 15 years.

201515

14

131211

1009

0807

0605

04030201

01974 1979 1984 1989 1994 1999 2004 2009 2014 2019 2024 2029 2034

2014 – 2024+5.2%2024 – 2034+4.0%2014 – 2034+4.6%

100

90

80

70

60

50

40

30

20

10

0

32%+5.0%

+2.6%

+6.6%

34%

30%

36%

43%

25%

Flights from Developed Countries to Developing Countries: Expected to increase from 32% to 34%Flights from Developed Countries to Developed Countries: Expected to decrease from 43% to 30%Flights from Developing Countries to Developing Countries: Expected to increase from 25% to 36%

EMERGING MARKETS WILL ACCOUNT FOR THE LARGEST SHARE OF ORIGIN AND DESTINATION TRAFFIC WORLDWIDE. Source: Airbus GMF 2015

ICAO total traffic Airbus GMF 2015

CAGR 2014 – 2034

WORLD PASSENGER TRAFFIC GROWTH CONTINUES TO SHIFT TOWARD DEVELOPING COUNTRIES. • Within the next 20 years, passenger traffic is expected to shift

from the developed countries to developing countries. In 2034, more than 70% of passenger traffic will be across the developing countries.

Advanced-Emerging

Advanced-Advanced

Emerging-Emerging


Passenger seats per flight have increased 20% over the last 10 years, which is the largest 10-year increase since the 1970s.

WIDER BODIES!

MORE TRAFFIC, LARGER AIRCRAFT

In keeping with trends in the aviation industry, airline companies began using wider-bodied aircraft. As a result, passenger seat capacity per aircraft has increased 20% over the last 10 years.

Average passenger seat capacity of airlines in the Middle East is more than double that of North American airlines…

In keeping with the developments in aviation services, airline companies are using larger aircraft. Passenger seats per flight have increased 20% over the last 10 years, which is the largest 10-year increase since the 1970s.

Average airplane size varies by a wide margin depending on the region an airline operates in. Aircraft in the Middle East are generally the largest, with an average of 208 passenger seats per airplane. On the opposite end of the scale are North America and Central America with an average of 102 and 88 seats per airplane, respectively, which are generally used for domestic and interregional flights.

North America

Middle America

Pacific Africa Latin America

CAD Europe China India Asia Middle East

88

102

120 122

130133

148

154 155

183

208

Larger AircraftSINCE 2004+20%SEATS PER FLIGHT

SEATS IN EUROPEAN AIRCRAFT 1.5 XSEATS IN NORTH AMERICAN AIRCRAFT



Macro Data for the Areas We Operate In*

Country Indicator Unit Scale 2013 2014 2015 2016 2017 2018 2019 2020

Gross domestic product. current prices USD Billion 57.8 57.1 48.9 50.0 52.2 54.9 57.9 61.4

Gross domestic product per capita, current prices USD Units 13,569 13,473 11,551 11,813 12,321 12,965 13,680 14,490

Inflation. average % Change 2.2 -0.2 -0.4 1.1 1.4 1.9 2.2 2.2

Population Persons Million 4.3 4.2 4.2 4.2 4.2 4.2 4.2 4.2



Inflation. average % Change -0.5 3.1 3.7 5.0 4.5 4.0 4.0 4.0




Inflation. average % Change 0.0 0.7 0.4 1.8 2.3 2.2 2.0 2.0




Inflation. average % Change 2.8 -0.1 0.1 1.3 1.8 1.9 2.0 2.0






Gross domestic product, current prices USD Billion 47.0 48.6 44.3 44.6 45.6 47.0 50.2 53.5




Gross domestic product, current prices USD Billion 823.0 798.3 722.2 721.2 761.4 804.6 851.8 905.8




Source: IMF, World Economic Outlook Database, October 2015

CROA

TIA

GEOR

GIA

LATV

IAM

ACED

ONIA

KIN

GDOM

OF

SAUD

I ARA

BIA

TUN

ISIA

TURK

EY


According to State Airports Authority (DHMI) statistics, total passenger traffic at Turkey’s airports rose 9% during 2015 compared to 2014 and totaled 181 million.

The passenger share of airports operated by TAV Airports in Turkey (Istanbul Ataturk, Ankara Esenboga, Izmir A. Menderes, Milas Bodrum and Gazipasa Alanya) in total passenger traffic at the country’s airports remained unchanged at 49% in 2015.

According to State Airports Authority (DHMI) data, total commercial flight traffic at Turkey’s airports rose 8% during 2015 compared to 2014 and exceeded 1.3 million.

The traffic share of airports operated by TAV Airports in Turkey (Istanbul Ataturk, Ankara Esenboga, Izmir Adnan Menderes, Milas Bodrum and Gazipasa Alanya) in total commercial flight traffic at the country’s airports remained unchanged at 51%, in 2015.

PASSENGER TRAFFIC IN TURKEY (MILLION)

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

2013 2014 2015

COMMERCIAL FLIGHT TRAFFIC IN TURKEY (THOUSAND)

2013 2014 2015


Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

5

0

10

15

20

25

2040

0

60

80

120

100

140160


FINANCIAL SUMMARY

TAV Airports’ 2015 consolidated revenue increased 29% compared to the previous year and totaled TL 3,612 million.

*Excluding construction income

Summary Income Statement (TL million) 2014 2015 Change

Revenue* 2,798 3,612 29%

Gross Profit 1,098 1,355 23%

Operating Profit 964 1,307 36%

Financial Expenses -227 -490 116%

Profit before Tax 773 846 9%

Net Profit 621 605 -3%

EBITDA 1,179 1,565 33%

EBITDAR 1,573 1,966 25%* Except construction revenue

Summary Balance Sheet (TL million) 2014 2015 Change

Current Assets 2,562 2,921 14%

Short-term Liabilities 969 2,859 195%

Non-current Assets 3,512 5,969 70%

Total Assets 7,466 10,506 41%

Long-term Liabilities 4,393 5,062 15%

Total Liabilities 5,362 7,922 48%

Shareholders’ Equity 2,103 2,585 23%

Summary Consolidated Cash Flow Statement (TL million)

2014 2015 Change

Cash at the Beginning of the Period 283 156 -45%

Net Cash Provided from Operating Activities 665 2,974 347%

Net Cash Used in Investment Activities -555 -2,305 315%

Net Cash Used in Financing Activities -225 -133 -41%

Cash Balance at the End of the Period 156 673 331%

Financial Ratios 2014 2015

Current Ratio 2.64 1.02

Liquidty Ratio 2.62 1.01

Current Assets/Total Assets 34% 28%

Short-term Liabilities/Total Liabilities 13% 27%

Total Liabilities/Total Assets 72% 75%

Return on Equity 30% 23%

Return on Assets 8% 6%

The proposal for a total dividend payment of TRY 348 million and TRY 0.9567243 per share from the 2015 net profit has been submitted for the approval of the General Assembly.

29%CONSOLIDATED REVENUE* (TL MILLION)

2,7982,245

3,6122014

2013

2015

TAV Airports’ 2015 EBITDA increased 33% compared to the previous year and totaled TL 1,565 million.

TAV Airports’ 2015 Dividend Distribution to increase 14% compared to the previous year and totaled TL 348 million upon the approval of General Assembly

33%

14%

EBITDA (TL MILLION)

DIVIDEND DISTRIBUTION (TL MILLION)

1,179880

1,5652014

2013

2015

306199

3482014

2013

2015


We have reached the last phase of the extension project of Istanbul Ataturk Airport International Terminal, that will increase the airport’s capacity with eight bridges and 13 bus gates in addition to new commercial spaces and an increased parking lot capacity.

Investments (TL million) 2014* 2015

Additions to Airport Operating Rights 443 2,091

Acquisition of Tangible Assets 155 190

Acquisition of Intangible Assets 6 7

Total 604 2,287

*The effects of IFRIC 12 accounting change have not been reversed.

• TAV Airports Holding was among the companies included in the BIST Sustainability Index during the November 2015 – October 2016 period. The Index, comprised of stocks of companies that have the best corporate sustainability performance, was launched by Borsa Istanbul in 2014 and reconfigured as a result of an assessment in 2015.

• In the Pan-European Investor Relations Survey, conducted by Extel Surveys annually among 18,000 professionals worldwide, TAV Airports Holding was voted “Best Company” in investor relations in Turkey, while ranking seventh in the European transportation sector. The same survey selected TAV Airports CEO and President Mr. Sani Sener as the “Best CEO in Investor Relations in Turkey,” TAV Airports Chief Financial Officer Ms. Burcu Geris as the “Best CFO in Investor Relations in Turkey,” and Investor Relations Director Ms. Nursel Ilgen as the “Best IRO in Investor Relations in Turkey.” Ms. Ilgen also ranked sixth in the European transportation sector. TAV Airports Customer Relations Managers Mr. Besim Meric and Mr. Ali Ozgu Caneri were ranked second and third, respectively, in the “Best IRO in Investor Relations in Turkey” category.

• TAV Airports Corporate Communication Director Ms. Bengi Vargul was named the “Most Successful Woman Communications–Reputation Management Leader” in the third “Women to Watch” event held by Advertising Age and MediaCat. Ms. Vargul figures among 14 woman leaders who are exemplary in Turkey with their success stories.

• TAV Group President & CEO Sani Sener ranked 10th in the Power 100 list of Construction Week Magazine, one of the most prestigious publications of the industry, concerning the construction sector in the Gulf Region. Mr. Sener is the only Turkish business person to rank in the top 10 of the 2015 list.

• Standing out with its new terminal that was constructed with USD 1.2 billion investment, Medinah Airport was designated as the best airport in the category of airports welcoming 4-20 million passengers in “The Middle East and North Africa Regions” at Routes Marketing Awards, one of the most high profile events of the aviation sector.

• After successfully completing the quality assurance assessment, TAV Airports Holding received the “Internal Auditing Awareness Award” from the Institute of Internal Auditing of Turkey.

• TAV Esenboga General Manager Nuray Demirer was presented with the “Golden Women of Aviation” award at a ceremony held by the Aviation Safety Institute and hosted by the University of Turkish Aeronautical Association.

• TAV Airports Holding CIO and TAV IT General Manager Ms. Binnur Guleryuz Onaran was selected “Turkey’s Best CIO” at the IDC Turkey CIO Summit 2015, which hosted international IT industry professionals. TAV IT also received awards in the “Best IT Governance Project” and “Best Change Management Project” categories for its IT systems projects designed for Medinah Airport in Kingdom of Saudi Arabia.

• TAV Airports received the highest rating in Turkey in the “Board of Directors” category at the 5th Corporate Governance Awards event held by the Corporate Governance Association of Turkey (TKYD). TAV also ranked third among those companies with the highest corporate governance rating.

• TAV Airports won three awards at the Investor Relations Summit organized by the Turkish Investor Relations Society (TUYID). TAV topped the “Best Annual Report” category, while ranking second in the “Best Investor Relations Website” and “Best Communication of Financial Results” categories.

INVESTMENTS IN 2015

AWARDS & ACHIEVEMENTS

We have reached the last phase of extension works of Istanbul Ataturk Airport International Terminal.

MAJOR DEVELOPMENTS IN 2015


JANUARY

January 1, 2015, Independent Board Members The written notification received from the Capital Markets Board (“CMB”) dated January 26, 2015 did not express any negative opinion on the independent board member candidacy of Ms. Didar Sevdil Yildirim, Mr. Tayfun Bayazit, Mr. Jérome Paul Jacques Marie Calvet and Mr. Necmi Riza Bozanti.

Henceforth, as disclosed in our material event disclosure dated December 18, 2014, the above mentioned individuals were presented for the approval of the next General Assembly as independent board members pursuant to Corporate Governance Communiqué II-17.1 of the CMB.

HIGHLIGHTS OF 2015

ATU was awarded the tender to operate the duty free shops, for a period of 10 years, at Houston George Bush International Airport located in the state of Texas in the United States.

FEBRUARY

February 06, 2015 TAV Urban Georgia, Share PurchaseTAV Airports Holding acquired a 4% stake in TAV Urban Georgia LLC, which is a 76%-owned subsidiary of TAV Airports Holding, held by Aeroser International Holding in return for USD 5.2 million. The purchase price of this shareholding was determined by negotiations.

After the share transfer, the ownership stake of TAV Airports Holding in TAV Urban Georgia rose from 76% to 80% while the shareholding of Aeroser International Holding fell to 20% from 24%.

February 19, 2015, Dividend Distribution for 2014 The Company’s Board of Directors resolved, to be submitted for the approval of shareholders at the General Assembly Meeting, that the Company pay a gross cash dividend of TL 0.8425 (84.25%) for each share representing TL 1 of share capital, corresponding to a total gross dividend outlay of TL 306,052,855 starting on May 5, 2015.

February 19, 2015, Appointment of Independent Auditor It has been unanimously resolved that, as recommended by the Audit Committee, Guney Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik A.S (a member firm of Ernst & Young Global Limited) be appointed as the independent auditing company and auditor pursuant to the principles specified by Turkish Commercial Code numbered 6102 and Capital Markets Law numbered 6362 and related legislation in order to audit the Company’s financial statements for the 2015 accounting year, and to perform all other activities required within the scope of the related regulations stipulated in the aforesaid laws, and that this resolution be submitted to the approval of the General Assembly.

February 27, 2015, Ordinary General Assembly Meeting for 2014 It was resolved that the Ordinary General Assembly Meeting of shareholders regarding the Company’s 2014 business activities be held on Monday, March 30, 2015, at 2 pm at TAV Academy (A) Hall, located at Ataturk Airport International Terminal Gate A – Next to VIP, at TAV Airports Headquarters, in Yesilkoy-Istanbul.


MARCH

March 27, 2015, Houston George Bush Airport Duty Free Tender ATU, a TAV Airports Holding subsidiary, was awarded the tender to operate the duty free shops, for a period of 10 years, at Houston George Bush International Airport located in the state of Texas in the United States. The concession covers the operating rights of 700 square-meters of duty free area at the airport, which served nearly 41 million passengers in 2014.

March 30, 2015, Ordinary General Assembly Meeting for 2014 The Ordinary General Assembly Meeting of shareholders regarding the Company’s 2014 activities was held on Monday, March 30, 2015, at 2 pm at TAV Academy (A) Hall, located at Ataturk Airport International Terminal Gate A – Next to VIP, at TAV Airports Headquarters, in Yesilkoy-Istanbul.

MAY

May 11, 2015, Changes in Committee Memberships At its meeting dated May 11, 2015, the Board of Directors resolved to appoint Mr. Julien Pierre Coffinier to replace Mr. Edward Arkwright on the Corporate Governance Committee and to replace Mr. Augustin de Romanet on the Risk Assessment Committee.

There have been no changes in the composition of the other board committees, the Nomination Committee and the Audit Committee.

The current membership rosters of the TAV Airports Holding Corporate Governance Committee and Risk Assessment Committee are as follows:

Corporate Governance CommitteeChair:Tayfun BayazitMembers:Augustin de RomanetSevdil YildirimJulien Pierre CoffinierAli Haydar KurtdarcanPelin AkinNursel Ilgen

Risk Assessment CommitteeChair:Jerome CalvetMembers:Laurent GalzyNecmi Riza BozantiJulien Pierre CoffinierAli Haydar KurtdarcanSelim Akin

May 29, 2015, LaGuardia International Airport Tender It has come to our attention that, as a result of the extensive evaluations carried out in relation to the tender for the “Design/Build/Finance/Operate & Maintain LaGuardia Airport (“LGA”) Central Terminal Building Replacement Project,” located in New York City in the United States, held by the Port Authority of New York and New Jersey (PANYNJ), the consortium consisting of TAV Airports Holding, Aéroports de Paris (ADP) Management, Goldman Sachs (GS Global Infrastructure Partners II, L.P. and GS International Infrastructure Partners II, L.P.), Tutor Perini Corporation, Ove Arup & Partners PC, and Kohn Pederson Fox Associates PC was not declared as the preferred bidder of the tender.

MAJOR DEVELOPMENTS IN 2015 > HIGHLIGHTS OF 2015


JULY

Medinah Airport New Terminal Building Commences Service Medinah Airport’s new terminal building was placed into service by his excellency King Salman of Saudi Arabia following the successful completion of the inspections.

AUGUST

August 17, 2015, Regional Airports’ Tender in the Philippines The consortium comprised of TAV Airports Holding; Aéroports de Paris Management (“ADPM”), a subsidiary of Aéroports de Paris (ADP); and Metro Pacific Investments Corporation (“MPIC”) submitted its pre-qualification documents for the public-private partnership project tender entailing the operations and maintenance of the Bacolod-Silay, Iloilo, Davao, Laguindingan and New Bohol-Panglao (Tagbilaran) regional airports in the Philippines.

TAV Airports Holding and ADPM jointly hold a 40% stake in the consortium, while the remaining 60% share is owned by MPIC group. The five airports included in this tender had annual passenger traffic of 9 million passengers in 2014.

The members of this consortium also agreed to cooperate in the ensuing airport privatization tenders that are likely to be issued in the Philippines.

August 21, 2015, Corporate Governance Rating The “Corporate Governance Rating Periodic Revision Report” was completed by SAHA Kurumsal Yonetim ve Kredi Derecelendirme

SEPTEMBER

September 21, 2015, Pre-qualification for the Regional Airports Tender in the Philippines In the Company’s material event disclosure dated August 17, 2015, TAV announced that the consortium comprised of TAV Airports Holding; Aéroports de Paris Management (“ADPM”), a subsidiary of Aéroports de Paris (ADP); and Metro Pacific Investments Corporation (“MPIC”) had submitted its pre-qualification documents for the public-private partnership project tender entailing the operations and maintenance of the Bacolod-Silay, Iloilo, Davao, Laguindingan and New Bohol-Panglao (Tagbilaran) regional airports in the Philippines.

The consortium, which TAV Airports Holding is a member of, received preliminary qualification (“PQ”) to place a bid for the tender.

Hizmetleri, a rating organization officially authorized to assess compliance in Turkey with the Corporate Governance Principles as set forth by Turkey’s Capital Markets Board.

The Corporate Governance rating of the Company was revised up to 95.19 (9.52 out of 10) on August 21, 2015, from its prior rating of 94.15 (9.41 out of 10) as of August 21, 2014, thanks to the Company’s strong emphasis on making continuous improvements to its corporate governance practices.

The Company’s corporate governance ratings by subcategory are presented below.

Subcategories Weight Score Shareholders 0.25 94.94Public Disclosure and Transparency 0.25 96.58Stakeholders 0.15 98.78 Board of Directors 0.35 92.83Total 1.00 95.19

The “Corporate Governance Rating Report” authored by SAHA is published on TAV Airports Holding’s investor relations website, www.tavyatirimciiliskileri.com


OCTOBER

Gazipasa- Alanya Airport Runway Extension Alanya Gazipasa Airport’s runway was extended to 2,350 meters. As a result of this project, an aircraft runway that crosses over an active road was built for the first time in Turkey.

TAV Takes Over Milas-Bodrum Airport International Terminal After taking over the domestic terminal in July 2014, the Company also assumed the operation of the international terminal in October 2015.

Istanbul Ataturk Airport operated by TAV Airports Holding, became third in number of passengers in Europe for the first time in 2015.In 2015, the number of passengers using Ataturk Airport increased by 8.2% and reached 61 million 323 thousand. Thus, in the number of passengers Ataturk Airport left Frankfurt and Amsterdam Airports behind and became third.

With Oman Muscat Airport, BTA continues its determined growth abroad. BTA was the preferred brand in the bid organized for operating the food-beverage spaces of the Muscat Airport for a 10 year period.BTA was announced as the preferred brand in the bid for operating the food-beverage spaces of the Omani Capital Muscat’s New Muscat International Airport. The operating period will be 10 years starting from 2017.

Dividend Proposal Regarding 2015A decision was taken to submit to the approval of the shareholders at the first General Assembly to be held, for distributing dividends in cash to our shareholders with a gross total value of TL 347,560,013 – a gross value of TL 0.9567243 (95.67243%) per share with a nominal value of 1 TL.

Changing Members in the Board of DirectorsMr. Patrick Jeantet was elected as a Member of the Board of Directors to complete the remaining term of office of Mr. Laurent Galzy who resigned from his position.

SUBSEQUENT EVENTS

MAJOR DEVELOPMENTS IN 2015 > HIGHLIGHTS OF 2015


INVESTOR RELATIONS AND BIST PERFORMANCE

ROADSHOW & CONFERENCE

2008 2009 2010 2011 2012 2013 2014 2015

87

13

17

20

1819

11

Stock performance The Company’s shares, listed on Borsa Istanbul with the ticker TAVHL, traded between a low of TL 17.21 and a high of TL 24.50 in 2015. The Company’s shares gained -1% in nominal terms and over 18% relative to the benchmark Borsa Istanbul index in 2015.

Corporate governance rating The “Periodic Revision Corporate Governance Rating Report” issued by SAHA Corporate Governance and Credit Rating Services, a corporate governance rating agency that is also licensed to conduct corporate governance rating activities in Turkey, has been completed.

The Company’s corporate governance rating score that stood at 94.15 (9.41 out of 10) on August 21, 2014 was revised upwards to 95.19 (9.52 out of 10) as of August 21, 2015 thanks to the ongoing improvements made by the Company in implementing corporate governance principles.

The Company’s corporate governance ratings by subcategory are presented below. Subcategories Weight ScoreShareholders 0.25 94.94Public Disclosure and Transparency 0.25 96.58Stakeholders 0.15 98.78Board of Directors 0.35 92.83Total 1.00 95.19

TAV IR Contact Information

Tel.: +90 212 463 30 00 / 2120-2122-2123-2124Fax: +90 212 465 31 00IR Website: http://ir.tav.aeroTwitter: @irTAVFacebook: /irTAVAddress: Istanbul Ataturk Havalimani Dis Hatlar Terminali (A Kapisi - VIP Yani) 34149 Yesilkoy/Istanbul

Investor Relations TAV Investor Relations (TAV IR)’s main duty is to make sure that capital markets instruments issued by TAV Airports Holding are fairly valued. In order to attain this goal, TAV IR uses an arsenal of investor relations tools to communicate the equity story of TAV Airports in a thorough and accurate manner to different constituents of capital markets. TAV IR also makes sure that the Company is in full compliance vis-a-vis its obligations arising from capital markets legislation. TAV IR also coordinates all relevant stakeholders to make sure that the Company adheres to the highest corporate governance standards.

There are four main principles TAV IR abides by in its day to day activities: accuracy, fairness, speed and proactiveness.

AccuracyTAV IR pays special attention to making sure that all information shared with capital markets participants is well researched, accurate and thorough. TAV IR believes that the flow of accurate and thorough information is paramount to establishing trust between the Company and capital markets participants.

FairnessTAV IR is keen on making sure that all constituents of capital markets receive the same information regardless of function (buyside, sellside) or relative size. SpeedTAV IR is highly aware that information also has a time dimension in capital markets, and that quick information is superior to slow information. With this awareness, TAV IR strives to respond to all requests for information promptly.

ProactivenessTAV IR keeps a vigilant eye on the Company and its economic and legal ecosystem and identifies investor, legislative and corporate governance related issues before they are raised by capital markets participants and stakeholders. TAV IR then promptly and thoroughly addresses these issues.

In 2015, TAV Airports Investor Relations participated in a total of 11 roadshows and conferences and conducted meetings with nearly 450 investors and analysts in regards to the Company’s operations, financials and other developments.


1. Introduction

As globalization continues to broaden and deepen in the present day, the economic, environmental and social challenges as well as market opportunities encountered by companies become increasingly varied and diverse. At the same time, the pace of change is accelerating while enterprises that cannot overcome these challenges and take advantage of the opportunities available lose their ability to compete effectively. As problems like climate change and depletion of natural resources necessitate diverse stakeholders to act together, the impacts of economic and social change reverberate across a wide geographic area. Companies that want to remain competitive in the future need to improve their business models and conduct while moving toward a more participatory, transparent and accountable platform that is respectful of the human condition and the environment.

While producing the highest value for all its stakeholders in countries where it carries out activities, TAV Airports also targets to limit its environmental impacts and create social benefit.

The principles required to achieve sustainable growth are at the core of all Company operations. A bottom-up and interdisciplinary organizational structure has been put in place to disseminate existing know-how within the Company and to conduct measurement, reporting and development efforts in a coordinated manner. The Sustainability Teams at the airport terminal operating companies are comprised of representatives from energy management, waste management, water management, human resources, corporate communications, financial affairs and other related departments within the enterprises under the guidance of the General Manager and Deputy General Manager of each company. The Sustainability Teams report to the General Manager and Deputy General Manager of the respective enterprise and are responsible for carrying out measurement, assessment and reporting tasks related to key performance indicators set forth in the TAV Airports Holding Sustainability Strategy and Action Plan and developing projects and recommendations to improve sustainability performance. The TAV Airports Sustainability Committee is tasked with putting together and developing the Company’s Sustainability Strategy and Action Plan; coordinating and steering the Sustainability Teams formed within the terminal operating companies and service providers as part of this effort; and measuring, improving and reporting on the Company’s sustainability performance. The Committee consists of representatives delegated by the managers of the related departments within the Company and service providers. The Chairs of the Sustainability Teams of operating companies also serve as members of the Committee.

TAV Airports is committed to disclosing its sustainability performance openly, transparently and comprehensively to all Company stakeholders. As part of this effort, TAV has reported not only its economic performance, but also the Company’s environmental and social impact in compliance with internationally accepted standards since 2010. TAV Airports takes special heed of stakeholder participation and embraces a participatory management approach at every phase of its operations. TAV employs the internationally recognized Global Reporting Initiative (GRI) standards in order to present its reporting initiatives in a comparative and understandable manner.

CORPORATE GOVERNANCE AND SUSTAINABILITY

TAV Airports continues to strive toward its vision of being the pioneering and leading airport operator in its target regions. In pursuit of this vision, the Company has always aimed to create maximum value for all stakeholders in the countries and regions where it operates, while limiting the environmental impact of its operations and generating social benefit since the first day it was established.

SUSTAINABILITY


2. Our Economic Impacts TAV Airports strives to create maximum value for all stakeholders. Airport operators generate direct economic value through the employment and income opportunities they create; produce ancillary benefits such as the emergence of supply chains that ensure the provision of services and goods and the development of various industries such as tourism; and also contribute to the cultural and social development of their operating region. Believing in the importance of socially responsible investment, TAV Airports successfully met the necessary criteria and was listed in the Sustainability Index created by Borsa Istanbul in 2014.

3. Our Environmental Impacts In order to strike an optimal balance between the soaring demand for air transport and efficient use of natural resources, TAV Airports strives to adopt and implement environmental best practices in every area it conducts operations. To this end, above and beyond complying with local and national legal and regulatory requirements, the Company engages in energy and environmental management at global standards to minimize its environmental impact.

Prioritizing climate change as among the most significant of its environmental risks, TAV actively participates in the Airport Carbon Accreditation program administered by ACI Europe in order to measure, manage, reduce and neutralize carbon emissions at the airports it operates. In addition to issuing sustainability reports, TAV also discloses its performance in directly addressing climate change transparently and regularly to investors and the public at large via the Carbon Disclosure Project (CDP).

Engaging in effective water management at the Company’s terminals to ensure efficient use of water resources, TAV Airports regularly measures and reports its water consumption per passenger. Wastewater is treated and reused at every opportunity; when that is not possible, it is disposed of properly. Soaring passenger traffic is also increasing the importance of waste management at the terminals. TAV takes measures to reduce waste production and to reclaim as much of it as possible during the reuse, recycling and disposal processes. TAV also makes efforts to protect biodiversity in the terminal areas and to minimize the loss of natural habitats.

4. Our Social Impacts TAV Airports believes that the satisfaction of its customers can only be enhanced by ensuring the well-being of the Company’s employees; as such, TAV defines its social impacts through these two major stakeholder groups.

Creating significant local employment opportunities in its operating countries, TAV has adopted a world class human resources policy and strives to be the most preferred employer in its markets. TAV’s human resources policy is built on occupational safety, comprehensive opportunities for the professional and personal development of employees, and equal opportunity for all. Offering diversified and comprehensive training programs for the professional development of Company personnel, TAV Academy has established collaborations with universities and other academic institutions while also serving as one of ACI’s global training centers. TAV Aviation Minds, an offshoot of TAV Academy, was incorporated in 2013 to deploy the Company’s experience and know-how for the improvement of airports around the world.

The personal development needs of employees are served via training activities in various arts and crafts branches under the name TAV Workshop. As part of TAV Cup, tournaments are held throughout the year for staff members to experience teamwork in a wide range of sports.

Setting customer satisf

Documents

INVESTING FOR THE FUTURE - TAV · 2016. 7. 28. · ANNUAL REPORT 2015 TAV AIRPORTS HOLDING ANNUAL REPORT 2015 INVESTING FOR THE FUTURE TAV AIRPORTS HOLDING Stock Ticker Symbol: TAVHL